United States Precision Farming Software Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The precision farming software offering its services under the crop management segment was valued at USD 164.8 million in 2019. Over the years, the US agriculture sector has undergone a transformation driven by technologies, and it seems very promising as it is enabling the primary sector to move to the next level of farm productivity and profitability. In October 2016, the United States Department of Agriculture reported that precision agriculture technologies reported increased net returns and operating profits. For instance, GPS mapping had shown the largest impact on precision agriculture technologies, with an increase in the operating profitability of almost 3% on corn farms. Similarly, the impact of mapping on net returns is almost 2%. Moreover, guidance systems raised operating profits by 2.5% and net returns by 1.5%, respectively. Thus, the increasing profitability and net returns from the precision agriculture are accelerating the adoption of precision farming technologies, thereby, promoting the adoption of precision farming software over the past few years. A study conducted by USDA, in 2017, revealed that yield mapping and global positioning system (GPS) software recorded the highest adoption for corn and soybean crops when compared to others in the US market. The study also mentioned that large farms of over 2,900 acreages has double the adoption of yield monitoring software, and the adoption rate ranging between 70% and 80%. The growing adoption trend of crop management software is primarily offset by the increasing levels of unpaid labor and higher yield goals, representing the farmers' self-reported yield potential is affecting the adoption of precision agriculture technologies in the US market. Trimble Inc., AgDNA Pty Ltd, Granular Inc., and AgJunction, among others, are few major companies indulged in offering precision farming software solutions under the crop management segment. Yield monitoring, soil mapping, crop scouting, and harvest monitoring are the popular services offered by the popular software products in the US market. Thus, the rising product innovation, coupled with the increasing focus toward profitability enhancement backed up with the rising adoption of crop management software in the large-scale farms, especially in the corn and soybean sectors, is likely to further accelerate the precision farming crop management software sales in the years to come.